"Donation of Gifts Received from Outside" BGF Group Conducts 500 In-House Auctions Over 10 Years

Donation of items received from outside to Clean Report Center
Auction proceeds donated to charity organizations
Total bids approximately 30 million KRW, highest bid item is Hong Sam Spa voucher

[Asia Economy Reporter Lim Hye-sun] BGF Group announced on the 25th that it has achieved a total of 500 successful bids this month through its in-house auction system, which has been conducted for 10 years to promote ethical management practices and a culture of donation.

BGF's in-house auction system, started in 2010, allows employees to donate samples, gifts, and souvenirs that are difficult to return after receiving them from various stakeholders to the Clean Reporting Center. These items are then sold in an auction format to employees, and the proceeds are donated to charitable organizations.

BGF Group employees refuse to accept any kind of money or entertainment from external sources regardless of the nature or amount. However, in cases where items are inevitably received due to social customs, the company practices ethical standards through this system.

The cumulative amount of successful bids has reached approximately 30 million KRW. The BGF in-house auction is held irregularly, with an average of 50 items auctioned per year. The starting bid price is set at about 50% of the market price, and bids can be placed in increments of 500 KRW.

The lowest-priced item ever sold was a set of dress socks (worth about 12,000 KRW), which was sold for 6,500 KRW. The highest-priced item sold was a Red Ginseng Spa Full Care voucher (worth about 300,000 KRW), which was sold for 255,500 KRW.

The average competition rate for the in-house auction is 4 to 1, with health supplements being particularly popular. Red ginseng sticks recorded the highest competition rate at 16 to 1, followed by vitamins, alcoholic beverages, meat and seafood, cosmetics, theme park tickets, and ham gift sets.

The funds raised through the BGF in-house auction are fully donated to the Love's Cochlea through the BGF Welfare Foundation and have been used to support cochlear implant surgeries for more than 40 hearing-impaired children from underprivileged backgrounds.

BGF Group declared ethical management in 2005 and introduced a Fair Trade Compliance Program (CP) in 2009. The company signs an annual pledge to comply with ethical standards with its employees and regularly conducts CP training. Through transparent and proper corporate management, it has been recognized as a CP Grade A excellent company by the Fair Trade Commission.

This content was produced with the assistance of AI translation services.